roger clarke ensign peak
Whether you're a believing member or have left the church, the only thing I can say is that if you want to continue tithing, follow the Bible and use the money to help those around you whether it's a children's program, a local animal shelter (always a favorite of mine), or a food pantry. If $124 billion in an investment portfolio is not enough, why not share with members what they've accomplished and let them know what the goal is if the church is truly as 'transparent as they know how to be.' Contact Us Clarke, Roger G and de Silva, Harindra and Thorley, Steven, Fundamentals of Efficient Factor Investing (October 11, 2016). This page was processed by aws-apollo-l1 in. Julia Miner, a retired tax attorney in the San Francisco Bay Area, is proud of her conservative Mormon tradition of frugality. A judge could issue a ruling any day in that appellate case. The Journal reported that some of the money comes from donations from church members, a practice also known as tithing in which parishioners must give 10% of their annual income to remain in good standing. Deceptive statements: Nielsens document states that EPA was deceptive in describing its assets to regulators even after the stories broke in 2019 and the firm came under national scrutiny. Steven Thorley As Deuteronomy 14:28-29 makes clear, the church is supposed to use the tithes collected to actually help those in need: 28 At the end of every three years, bring all the tithes of that years produce and store it in your towns, 29 so that the Levites (who have no allotment or inheritance of their own) and the foreigners, the fatherless and the widows who live in your towns may come and eat and be satisfied, and so that the Lord your God may bless you in all the work of your hands.". The vast majority of these funds areused immediately to meet the needs of the growing Churchincluding more meetinghouses, temples, education, humanitarian work and missionary efforts throughout the world. The portfolio has large positions in banking, business services and several hefty hedge funds. Religion Unplugged56 BroadwayNew York, NY 10004, Religion Unplugged is a production of The Media Project and a member of the Institute for Nonprofit NewsEIN: 83-0461425site design by Peter Freeby, Its initial filing revealed EPA had $38 billion in stocks and mutual funds, Jillian Cheney, The Banshees of Inisherin, Ireland, Catholic, forgiveness, Irish Civil War, Irish Catholics, Irish conflict, Oscars 2023, Oscars, Academy Awards, movies, movie review, Inisherin, Colm Doherty, Martin McDonagh, Pdraic, Siobhn, Analysis, Atheism, Catholicism, Christianity, North America, Opinion, Politics, Religion, Society, Clemente Lisi, opinion, church vandalism, Catholic church, journalism, objectivity, bias, media bias, abortion, LGBTQ rights, politics, recharge, Recharge, would rank among the top five hedge funds, received awards from Religion News Association, Society for Advancing Business Editing and Writing, an EPPY Award for best business reporting from Editor & Publisher, included among the top 25 religion stories of 2020, filed a federal lawsuit against the church, published a statement to its members and constituents worldwide and posted three short videos to YouTube, used immediately to meet the needs of the growing Church, Church of Jesus Christ of Latter-Day Saints. EMEA +44 20 7330 7500. The Mormon Church's investments weren't publicly disclosed until a former Ensign portfolio manager filed a whistleblower complaint in 2019, alleging that the massive fund doesn't engage in any charitable activities and shouldn't have tax-exempt status. Ensign Peak Advisors, Analytic Investors, Inc. and BYU Marriott School of Business. So in other words, over those 24 years the church donated an average of just $13.65 million a year in actual cash, while *valuing* the volunteer time of its members at $36.85 million a year. A Salt Lake Tribune analysis shows the next highest concentrations of its investments beyond tech are in consumer goods, health care and financial sectors, each at stakes of between 12% to 15% of Ensign Peaks total value, for shares worth a total of $8.6 billion, $6.9 billion and $6.6 billion, respectively. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. Paying tithing demonstrates obedience and love and helps strengthen our faith in God.". The fund holds immense stakes of $400 million or more in household stocks like Home Depot, Disney and Johnson & Johnson while at times making lucrative quick trades in meme stocks such as GameStop and Tesla. For members of The Church of Jesus Christ of Latter-day Saints, tithing donating 10% of ones income to the faith is more of a sense of commitment than it is the church needing the money, Roger Clarke, head of Ensign Peak Advisors, which manages the denominations investing holdings, told The Wall Street Journal. Beyond tech, Ensign Peaks top holdings read like a typical blue chip roster: J.P. Morgan, Merck, Berkshire Hathaway and Intel. Analytic Investors, Inc. Steven Thorley. This page was processed by aws-apollo-l2 in 0.084 seconds, Using these links will ensure access to this page indefinitely. In the same late 2020 window, Ensign Peak bought shares in index funds targeting Saudi Arabia and India, to the tune of $3.3 million and $12.6 million, respectively. He said "Paying tithing is more of a sense of commitment than it is the church needing the money. And when they get caught, they lie about why they withheld the information from these very members who are padding the account for them. A federal judge recently tossed out the lawsuit, but Huntsmans lawyers plan to appeal. The church here is saying they need the $124 billion for when the "next 2008" takes place so they "won't have to stop missionary work," yet when the 'Great Recession' actually did hit, the church never tapped into the fund nor did it halt missionary work. Aseries of storiesby ReligionUnplugged.com in December of 2019 revealed a whistleblower complaint filed with the Internal Revenue Service that alleged The Church of Jesus Christ of Latter-day Saints funneled member tithes into EPA, a nonprofit supporting organization controlled by the church, and amassed more than $100 billion in owned assets under management over 23 years. The Church of Jesus Christ of Latter-day Saints' has a $100 billion portfolio, according to a 13F filing. We are always willing to work with government regulators to resolve concerns and are committed to full compliance., Nielsens document claims the EPA firm was involved in a Klein conspiracy to subvert the lawful functioning of the IRS, through EPAs false and fraudulent statements in SEC and IRS filings, and other corrupt actions intended to conceal EPAs billions of dollars of income obtained through EPAs $100 billion for-profit investment business income on which EPA should have paid tax.. It said Huntsman would donate the money to groups he viewed as marginalized by the churchs teaching. Along with the quarterly SEC filings, EPA appears to be more recognizable as an institutional investor in public companies now. In the document, he argues that holding EPA accountable will promote better compliance by religious and other nonprofits with tax laws and will discourage fraudulent attempts by other organizations tempted to abuse exempt status.. Foreign accounts: EPA now admits having foreign accounts, after denying it under oath for 10+ years: Mr. Nielsens prior submissions demonstrated that EPA has falsely denied under oath each year since at least 2007 that EPA has long had foreign bank and investment accounts, estimated to exceed $9 billion and thus EPA is liable for FBAR (Report of Foreign Bank and Financial Accounts) penalties of more than $2 billion. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. The Ensign Peak Advisors office is located above a food court in Salt Lake City and doesn't appear in the list of companies at that building lobby. Roger Clarke, the head of Ensign Peak, told the Wall Street Journal that the fund was an emergency account to be used in difficult times. "These funds are then used to build up the Church and to further God's work throughout the world," LDS' website reads. Tax avoidance: Nielsens document claims EPA has not disputed his original allegations that 1) EPA engaged in no religious, charitable or educational activities in the entire relevant period, 1997-2019, and 2) EPAs only distributions over 22 years were for the for-profit operations of an insurance company and a luxury shopping mall. We adapt traditional portfolio theory to more recently popularized factor-based investing and simulate optimal combinations of factor and security portfolios, using the largest 1,000 common stocks in the US equity market from 1968 to 2015. But if church leaders truly believed that, why not be transparent with the members who are taking their hard earned money and funding the church's investment portfolio? But its lawyers go to great lengths in challenging Huntsmans lawsuit including filing rare financial documents under seal and blocking information from public view on others to show that no actual tithing went into those transactions. Based on Clarkes statements, Nielsen said, it appeared the churchs public statements were intended to conceal the truth about EPAs use of tithing for both commercial ventures. Huntsman seeks to recover his tithing funds that were fraudulently obtained by the LDS Corporation, the lawsuit stated. The 74-page document filed with the IRS and obtained by Religion Unplugged shows that Ensign Peak Advisors, Inc. (EPA) owned assets under management grew to more than $100 billion from $10 billion . Roger Clarke, the head of Ensign Peak, said: 'Paying tithing is more of a sense of commitment than it is the church needing the money' Clarke and other officials say the money is saved. If EPA were a hedge fund, itwould rank among the top five hedge fundsfor assets under management. Those organizations will not only help people in need with the money, but they will be transparent about how they spend your money. Given the popularity of factor investing, also known as rules-based, smart beta, or simply quantitative portfolio management, a number of students and traditional equity analysts have asked for a primer to introduce basic terms, concepts, and calculation procedures. See all articles by Roger G Clarke Roger G Clarke. When we shut down critical thinking, it allows those who claim authority from God to abuse that trust over and over again, which we have seen from the days of Joseph Smith promising exaltation to marry the young daughters of early members through today with finances, interviews with children, or shutting down questions about church history. In other words, if Clarke is contending that he was misunderstood because money will likely have no value when Jesus comes back, does it make rational sense that money would hold value in the years leading up to it if the world truly falls into chaos? BYU Marriott School of Business. To learn more, visit Harindra de Silva. So they never wanted to be in a position where . 1. . The document said it also had no nonexecutive directors or a board to which EPA had to report. Downloads 496 (82,744) It has shifted since mid-2020 into stocks in basic industries and capital goods that might expect to take off in an economic recovery. The SEC's order said that. While some may look at that as a good thing, I actually think it's another instance where we can see that the church is not only untrue, but not good either. Although the stories broke in 2019, the continued coverage and fallout was included among the top 25 religion stories of 2020 by the Religion News Association. . , UT Previous President for Ensign Peak Advisors Inc (801)240-3053. Professor Thorley is a Chartered Financial Analyst (CFA), a Co-Editor of theFinancial Analysts Journal, and on the investment committees for Intermountain Healthcare and Deseret Mutual Benefit Administrators. Address: 60 E South Temple Ste 400 Salt Lake City, UT, 84111-1040 United States Its holdings dwarf those ofendowments at any university,such as Stanford, Harvard or Yale. (In Conference Report, Apr. Check us out on Twitter or Facebook as well for future posts and updates, and thank you again for reading! In the document, he estimates that his former employer has evaded payments of more than $20 billion in taxes and concealed foreign accounts that should total $2 billion in penalties. There are few clues as to how directly involved church leaders are in Ensign Peaks moves, although officials over the fund have said they eschew debt in keeping with the faiths tenets and steer clear of investments Latter-day Saints consider objectionable, such as tobacco or gambling stocks. (Christopher Cherrington | The Salt Lake Tribune). The document states in several places that Nielsen became more disillusioned over time as he worked at the firm and believed EPA was not using its resources for charitable, educational or religious purposes. Locations . Latter-day Saint officials acknowledged that it used Ensign funds to underwrite construction of City Creek Center mall in downtown Salt Lake City and rescue Beneficial Life, a church-owned insurance company, but said there was nothing illegal in that. A post shared by Scottie Scheffler (@scottie.scheffler). I know some believing members will take offense at that characterization, but please tell me where I am wrong. In several rounds of clashing court motions, the closely watched dispute led church attorneys to reveal innermost business details to a federal judge on some of Ensign Peaks biggest transactions including how it helped fund the City Creek Center mall in downtown Salt Lake City. We can also intentionally deceive others by a gesture or a look, by silence, or by telling only part of the truth. There are many reasons that the church is losing more members today than they have since Kirtland according to church historian Elder Marlin K. Jensen, but one of the biggest is that even in the year 2020 and in the age of Google, they still refuse to be honest and open with their members. His document argues that EPAs tax avoidance gave it a distinct competitive advantage over other investment firms. The document alleges the firms cash-rich position and secretive, stable status made it a preferred investor in private equity institutions. According to several rounds of clashing court motions, the legal dispute between Huntsman and the church hinges on whether up to $2 billion transferred from Ensign Peak and ultimately used for the City Creek Center mall and an ailing insurance firm were drawn from sacred donations or, as church leaders maintain, investment earnings generated from that initial giving. Though not named as parties, Ensign Peak Advisors and the words and actions of its senior managers were at the center of a high-profile lawsuit filed last March in U.S. District Court in California. Last, the church concedes the whistleblower was accurate when stating their yearly gains were about 7%, which is the benchmark rule of thumb for most investment plans. Editors note James Huntsman is a brother of Paul Huntsman, chairman of the nonprofit Salt Lake Tribunes board of directors. That suggests a remarkable level of trust in church leadership, Sam Brunson, a professor of tax law at Loyola University in Chicago, told The Tribune, not just on spiritual/religious matters but also on more mundane secular matters.. Roger Clarke, head of Ensign Peak (Wall Street Journal): "So they never wanted to be in a position where people felt like, you know, they shouldn't make a contribution". Why wouldn't more members want to be like Carolyn and donate their money to local causes that will actually use the money to help others? Software Updates. EPA did not need cash from its investments to pay tax, private equity funds could rely upon EPA to leave their investments intact for the long term, the document said. 72, No. Imagine giving up a vacation because you needed to send those tithing checks in only to find out that the church earns about $24 million dollars per day in gains alone. Roger G Clarke Ensign Peak Advisors Harindra de Silva Analytic Investors, Inc. Steven Thorley BYU Marriott School of Business Date Written: June 1, 2010 Abstract Empirical studies document that equity portfolios constructed to have the lowest possible risk have surprisingly high average returns. Please email us anytime at ldsdiscussion@gmail.com if you would like more resources to learn about these issues or if you are looking for people that you can safely talk to as you continue your faith journey. The Not-So-Well-Known Three-and-One-Half Factor Model. The members who take their tithing money and donate it to local animal shelters, food pantries, or children's programs are doing the work that the church claimed to be doing when demanding 10% of every member's income. Instead we have talk after talk demonizing those with doubts, telling the poor that only tithing can get them out of the poverty cycle, and that they are as transparent as they know how to be. That would mean the church isn't doing any better or worse than the average, which is what you'd expect from an organization that is run by men. Back to the article: "The Journals exploration of church financial holdings included interviews with Clarke and top Latter-day Saint officials, including Presiding Bishop Grald Causs, the ecclesiastical leader who oversees the Utah-based faiths vast financial, real estate, investment and charitable operations. The stake bounced up again to $102,000 in June. Isnt amassing wealth and then saving it the equivalent of burying talents, that Christ condemned in the biblical parable? Miner asked. But, the paper reported, they gave estimates for its main areas of expenditure that, collectively, total about $5 billion. Even apologist Patrick Mason isn't trying to sugarcoat the juggernaut that is the church's excess liquid asset holdings, and the fact is that Harvard's endowment is actually being used to help people while the church's Ensign Peak fund has only been used to help the church's own businesses. Court documents submitted in California by the churchs attorneys say the fund has been around since 1997, seeded initially by excess tithing funds to create a rainy day account. Financial Analysts Journal, Vol. They also did not respond to a request to comment this week for this update story. Analytic Investors, Inc. Steven Thorley. Some of the stocks in which Ensign has invested millions include Apple Inc., Chevron Corp., Visa Inc., JPMorgan Chase, Home Depot, Amazon and Google, according to the article.". Back to the article: Church leaders may be right to worry that the financial revelations could have a negative impact on tithe paying. Other former employees said the firms war chest related to preparation for the second coming of Jesus Christ. Overview. The very idea that you you need to give 10% of your income in order to enter an LDS temple for the chance at exaltation is also a big red flag to the church's truth and goodness claims. Now the church in this case is saying that eventually they will use the money to fund church operations in the parts of the world where they are actually growing at a decent page (where there is a lack of access to Google to research their truth claims), but why would that be needed if paying tithing will bring them out of poverty as Prophet Russell M. Nelson declared to the members just last year? I feel terrible for the members who have been contributing their entire lives only to find out that not only did the church not need the money, but that they aren't even using it to help those in need. Bouncing back since early 2020, Ensign Peak has posted quarterly gains of between $2.4 billion and $6.9 billion. The church doesnt dispute that payments made to City Creek came from Ensign Peak. This page was processed by aws-apollo-l2 in. Analytic Investors, Inc. Steven Thorley. . Although Mr. Nielsen could have earned significantly more working for a traditional hedge fund, Mr. Nielsen accepted EPAs offer because he believed at that time that EPA actually supported the Churchs religious and charitable activities, the document states. Roger G Clarke, Harindra de Silva and Steven Thorley. But when Clarke says the gains are "mainly from returns on existing investments," he is being careful not to say that those "existing investments" were made with tithing money. And the church claims to give $1 billion a year to "humanitarian causes and charities," yet they do not give details. The head of EPA, Roger Clarke, indicated to the Journal that EPA is a rainy-day account to be used in difficult economic times. Some church leaders suggested the fund could be used in the event of an economic or financial crisis. This was approximately $2 billion to fund classic private interests., Senate Finance Committee - by Paul Glader. The financial records destroy Huntsmans fraud claim, its lawyers argued in Aug. 31 court filings. Number of pages: 22 Posted: 09 Sep 2013 Last Revised: 05 Mar 2014. And do not forget that Prophet Joseph F Smith said this about tithing at the 1907 General Conference: "Furthermore, I want to say to you, we may not be able to reach it right away, but we expect to see the day when we will not have to ask you for one dollar of donation for any purpose, except that which you volunteer to give of your own accord, because we will have tithes sufficient in the storehouse of the Lord to pay everything that is needful for the advancement of the kingdom of God." That result also would encourage fraudulent claims of exempt status and weaken tax administration within the tax-exempt sector generally, and within non-exempt religious organizations in particular.. Suggested Citation, 60 East South Temple4th FloorSalt Lake City, UT 84111United States, 555 West 5th Street50th FloorLos Angeles, CA 90013United States213-688-3015 (Phone)213-688-8856 (Fax), 616 TNRBBrigham Young UniversityProvo, UT 84602United States801-378-6065 (Phone)801-378-5984 (Fax), Subscribe to this fee journal for more curated articles on this topic, Finance Educator: Courses, Cases & Teaching eJournal, S&P Global Market Intelligence Research Paper Series, Subscribe to this free journal for more curated articles on this topic, We use cookies to help provide and enhance our service and tailor content. It totaled nearly $50 billion as of June after gaining $3 billion in three months and adding nearly $12 billion since its first filing in early 2020 just before the U.S. onset of the coronavirus pandemic. After the stories broke in 2019, the churchpublished a statement to its members and constituents worldwide and posted three short videos to YouTube. He also served as president and chief investment officer of TSA Capital Management in Los Angeles, CA for ten years and as chairman of the board of Analytic Investors for twenty years. That might seem flippant to those who are active members, but the bottom line is that the survey referenced is making the point that the more entrenched in the church you are, the less transparent you want them to be. Harindra de Silva. as well as other partner offers and accept our, Church of Jesus Christ of Latter-Day Saints, Registration on or use of this site constitutes acceptance of our. According to the head of Ensign Peak, Roger Clark the leaders were afraid that members would pay less tithing if they knew the church didn't need to use it for church operations as they claim. It reported owning $27.8 million in shares in an index fund focused on companies in South Korea in late 2019, a stake that rose to $30.4 million by the end of last year. Ensign Peak, Tithing, and Why the Church Claims They Hid it from Members (Feb. 10, 2020), Whenever we lead people in any way to believe something that is not true, That same poverty continues from one generation to another, until people pay their tithing, created a system of more than a dozen shell companies, earns a million dollars on the gain alone every single hour, Joseph Smith's implementation and use of polygamy and polyandry, Gospel Topics essay on Joseph Smith's polygamy, "Now You Know" video on the Word of Wisdom, Joseph Smith promising exaltation to marry the young daughters, shutting down questions about church history, God called the Native Americans Lamanites from Israel, God changed his mind in just 3.5 years on treating LGBT members as apostates, according to church historian Elder Marlin K. Jensen. I will never claim to speak for Jesus, but it's beyond clear that the leaders of this church never have either whether it's claiming God called the Native Americans Lamanites from Israel, that dark skin is a curse from God, or that God changed his mind in just 3.5 years on treating LGBT members as apostates. [4] As of February 2020, Roger Clarke is EP's Chief Executive Officer. View Roger G Clark's profile for company associations, background information, and partnerships. Ensign Peak has since made what amounts to a stunning series of quarterly reports to federal authorities on the portion of the Utah-based faiths overall holdings it manages, not least for the portfolios sheer size. . Keywords: Portfolio Theory, Factor Portfolios, Factor Investing, Portfolio Constraints, Smart Beta, Suggested Citation: The SEC alleges that from 1997 through 2019 Ensign Peak failed to file 13F forms, which are documents that certain investment managers must disclose quarterly, listing the securities that they manage. Former employees said the fund mushroomed from about $40 billion in 2012 to around $100 billion by 2019. Reports reveal the big stakes in tech are part of a vast hands-on market strategy by Ensign Peak, with upward of 1,850 different stocks at times, spread across virtually every part of the U.S. economy and abroad. The investment activity has been the subject of. Ensign Peak Advisors ( email) 60 East South Temple 4th Floor Salt Lake City, UT 84111 United States. And yet somehow they don't need to set up shell companies to hide it from the government or their family. Manage Products and Account Information. . Harindra De Silva. It shows up increasingly in reports and press releases from those publicly traded companies. In criminal conduct, EPA has engaged in a Klein conspiracy to defraud the IRS by pretending to be tax-exempt while concealing and falsifying the facts of its massive securities investment business, the document states. Whether it's hiding church history, changing what the meaning of translation or 'curse of dark skin' is, or hiding finances in over a dozen shell companies, the leaders of this church simply do not believe that members will stick around if they are honest about their history or practices. Ensign Peak's investing strategy turns the $100 into $150 (Ensign Peak pays no tax on the gain because its passive . Keywords: factor investing, rules-based portfolios, quantitative portfolio management, Suggested Citation: Analytic Investors, Inc. Steven Thorley. According to the complaint, Ensign's president, Roger Clarke, has told others that the amassed funds would be used in the event of the second coming of Christ. The Ensign Peak Advisors management team includes Paul Davis (Chief Operating Officer), Anthony Kirkham (Vice President and Senior Portfolio Manager), and Jason Butterfield (Chief Compliance Officer) . Lawrence Harris Children are starving to death every minute, millions upon millions of people have no access to clean water, and natural disasters impact poor countries around the world and yet the church has never once made a charitable donation from this $124 billion account according to the whistleblower account. Harindra De Silva. From 1995-2020 he served as president of Ensign Peak Advisors, Inc., an investment management affiliate of The Church of Jesus Christ of Latter-day Saints. 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